Establishing the culture of saving in your children

Some of us today have issues with saving because it’s a trait that was not introduced to us at a tender age. Piggy banks are things we used to see only in the movies. But with the latest trend of financial boost, one can say that it’s good to train children on how to start saving at an early age. I remember as a child, every penny I was given bought sweets or chocolates and now I’m fighting cavities. Had I been trained how to save, I wouldn’t have this problem. The piggy bank saving scheme is something parents are adopting, encouraging their children to embrace if they want a toy or gadget. I recently visited a family friend and her 12-year older daughter promised to buy me a Christmas present because I always help her with her weekend homework when I visit. When I asked where she would get the money, she rushed to bring me her piggy bank. She had been saving for the last six months by putting away any money given to her. According to an article online by Jamaica-gleaner.com ‘Train your children to manage money’ we can help our children to become good money managers by beginning to train them when they are young. The article further stated that the habits children develop will help them become responsible managers of their finances when they become independent. Faridah Mbabazi, mother of two and resident of Kanombe said that although teaching children how to save is important, it also has to depend on the age of the child. “It’s not a good idea for children to get involved with money unless they are old enough. The teenage age is the best time a parent can train a child to save. You can teach them by telling them the importance of saving and the parent has to have a saving culture too. In other words, a parent has to practice what they preach,” Mbabazi explained. She further said that parents have to put aside a savings account for their children so that when they are old enough, they can continue saving on the same account. “Financial guidance amongst teenagers is important because it instills responsibility and the child will not be a spoilt one in terms of spending or demanding for unnecessary things like gadgets which are some of the things teenagers treasure today,” Mbabazi revealed.